Best Buy (BBY) NewsBite - Consumer Spending Concerns Pull Down BBY

Posted: Thursday, July 02, 2009 9:58 AM EDT

Best Buy (NYSE: BBY) opened at $33.42. So far today, the stock has hit a low of $32.54 and a high of $33.61. BBY is now trading at $32.62, down $1.24 (-3.67%). Over the last 52 weeks the stock has ranged from a low of $16.42 to a high of $47.50. Shares of BBY are falling with other retailers this morning after a worse-than-expected jobs report triggered fears that high unemployment could cut into consumer spending. The Labor Department said employers shed 467,000 jobs in June, more than analysts expected. The unemployment rate rose to 9.5 percent in June, a 26-year high. Technical indicators for the stock are neutral and S&P gives BBY a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on BBY the stock seems like it could be a candidate for a September out-of-the-money bear-call credit spread above the 41 range. [ABR-Seven Summits Strategic Investments NewsBite]

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